The European Central Bank slashed the euro area growth and inflation outlook on Thursday, citing the lingering uncertainties mainly external.

The Eurozone growth outlook for this year was cut to 1.1 percent from 1.7 percent seen in December, the March 2019 ECB staff macroeconomic projections showed.

The outlook for next year was trimmed to 1.6 percent from 1.7 percent. The projection for 2021 was maintained at 1.5 percent.

"The risks surrounding the euro area growth outlook are still tilted to the downside, on account of the persistence of uncertainties related to geopolitical factors, the threat of protectionism and vulnerabilities in emerging markets," the ECB said.

The bank slashed the inflation outlook for this year to 1.2 percent from 1.6 percent predicted in December. The projection for next year was lowered to 1.5 percent from 1.7 percent. The forecast for 2021 was cut to 1.6 percent from 1.8 percent.

The downgrade to the inflation outlook largely reflected the more subdued near-term growth outlook, the ECB said.